Liberty Media will become the new owner of Formula 1
Company Liberty Media intends to become the new owner of Formula 1. Officially announced that at the first stage it will redeem for 18.7 of the shares of the championship Fund CVC Capitals.In the first phase the company will spend 746 million dollars. In the future, Liberty Media is going to become the main shareholder, and the transaction amount is estimated at 4 billion. From the former owner, the Fund CVC Capitals, remain of 24.7 stake in the championship.The new Chairman of the Board of Directors of the championship will be chase Carey. Before holding this post, Peter Brabeck-Letmathe will become a non-Executive Director. The Executive Director will retain Bernie Ecclestone.Representatives of Liberty Media have already said that Formula 1 teams will be given the opportunity to become co-owners of the championship. It is known that the leading teams interested in this proposal.